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November 27, 2015CanAlaska: Drilling to Commence at Patterson West, Current Financing Postponed

CanAlaska News Release - Nov 27 2015

Vancouver, British Columbia, November 27,
2015 -- CanAlaska Uranium Ltd. "the Company"(TSX-V:
CVV;
OTCQB: CVVUF;
Frankfurt:
DH7N) announces that it has been informed by Makena
Resources that drilling crews are on site, and drilling is about
to commence at the Patterson West project. Drilling will test an
intense 1.5 km by 0.5 km gravity anomaly situated along a major
geological domain boundary.

Peter Dasler, CanAlaska's President, states "Patterson West has
a large, well-defined target in basement rocks, a similar
geological environment that hosts the nearby Triple R and Arrow
uranium discoveries. The southwest Athabasca Basin has the
potential to host several major uranium deposits along a series
of emerging exploration belts."

Patterson West is located adjacent to the PLS claims of Fission
Uranium Corp, and 10 km northwest of their Triple R deposit. The
Arrow discovery of NexGen Energy Ltd, is approximately 15 km
east of the main gravity anomaly on the property. Like Triple R
and Arrow, the exploration target at Patterson West is just off
the edge of the Athabasca Basin.

Previous field work by Makena identified multiple
geophysical anomalies. A large gravity anomaly measuring 1.5 km
long by 0.5 km wide was discovered, this correlates with
magnetic lineaments as well as with multiple VTEM conductive
anomalies (see
April 13 2015 news release).

CanAlaska owns a 100% interest in three properties in the
southwest region of the Athabasca Basin. Makena is currently
earning a 50% interest in the Patterson West property by
carrying out staged work programs totaling $1.4 million, cash
payments of $100,000, as well as issuances of 3,050,000 shares
and 1,000,000 warrants of Makena.

CanAlaska also announces that the current financing initiative
announced October 28, 2015 has been postponed, pending further
corporate developments and market support.

CanAlaska Uranium Ltd. (TSX-V:
CVV;
OTCQB: CVVUF;
Frankfurt:
DH7N) holds interests in approximately 700,000 hectares
(1.7 million acres), one of the largest land positions in
Canada's Athabasca Basin region -- the "Saudi Arabia of Uranium".
CanAlaska's strategic holdings has attracted major international
mining companies Mitsubishi, KORES and KEPCO as partners at its
core projects. CanAlaska is a Project Generator and is
positioned for discovery success in the world's richest uranium
district. For further information, visit
www.canalaska.com.

The TSX-V has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release:
CUSIP# 13708P 10 2.

Forward Looking Statements

This announcement contains "forward-looking statements" within
the meaning of applicable securities laws. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate",
or "believes" or variations of such words and phrases or state
that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the
Company to be materially different from those expressed or
implied by such forward-looking statements, including but not
limited to those risks and uncertainties relating to the
Company's business disclosed under the heading "Risk Factors" in
its Annual Report on Form 20-F filed with the SEC on August 29,
2014 and its other filings with the SEC, which are available
online at www.sec.gov. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements.
The Company does not undertake to update any forward-looking
statements, except in accordance with applicable securities
laws.

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